The Jersey City building boom continues unabated, this time in the growing Journal Square submarket.\u00a0<\/p>\n
Namdar Group<\/a> \u2014 one of the city\u2019s most prolific developers in recent years \u2014 has secured $180 million to refinance 35 Cottage Street, a 27-story, 564-unit luxury apartment tower in Journal Square, Commercial Observer can first report.\u00a0<\/p>\n SEE ALSO: Citigroup Refis East Flatbush Apartments With $35M Loan<\/a><\/p>\n Affinius Capital<\/a> provided the debt, structured as a floating-rate, interest-only bridge loan, while the Walker & Dunlop<\/a> capital markets team of Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Cole Grims and Edward Leboyer arranged the transaction.\u00a0\u00a0<\/p>\n Schwartz, in a statement, called Journal Square one of the New York area\u2019s \u201cmost dynamic mixed-use neighborhoods,\u201d and said the submarket has continued to attract attention from the investment community.\u00a0<\/p>\n \u201c35 Cottage Street is exceptionally well positioned to capitalize on that momentum through its transit-oriented location, differentiated product offering, and institutional-quality execution,\u201d Schwartz added.\u00a0\u00a0<\/p>\n Located at 35 Cottage Street \u2014 a short walk from the Journal Square PATH station \u2014 the new apartment tower has not yet opened, but will feature units ranging from studios to three-bedrooms. The initial plan for the tower included using three ground floors as a Chabad synagogue, a preschool and a party hall, as CO reported<\/a> in August 2024.\u00a0<\/p>\n Namdar Group has been responsible for a prolific amount of new development in Jersey City. Last year, the firm secured<\/a> a $335 million debt package to refinance three newly built Jersey City multifamily assets and a total of 833 units at 9 Homestead Place, 26 Van Reipen Avenue and 28 Cottage Street, CO reported.\u00a0<\/p>\n